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Asian markets, with the exception of Australia, turned positive by mid-morning trade on Monday, as a modestly positive lead from Wall Street offset the impact of sliding oil prices.
Japan’s Nikkei 225 widened gains by mid-morning trade, with index heavyweights providing upward momentum to shrug off disappointing data released before the market open. Industrial production dropped 3.4 percent in February from the previous month, marking the biggest drop since June last year. The result compared with expectations for a 1.8 percent decline and a 3.7 percent gain in January.
China’s benchmark Shanghai Composite index opened to a fresh seven-year high as comments from authorities over the weekend fueled expectations of further stimulus.
South Korea’s benchmark Kospi index headed north in early trade, buoyed by blue-ship stocks such as Samsung Electronics and Hyundai Motor, which advanced 0.4 and 0.3 percent each.
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